The Emirates National Oil Company (ENOC) has set up an independent teminalling company. Horizon Terminals (HTL) has an authorised capital of $50 million, which is fully owned by ENOC. However, the intention is to open it to large investors and thereafter to float it on the Dubai Financial Market within five years.
"This move streamlines the current terminalling assets and management of the ENOC Group and helps us move forward into the international terminalling arena, which we have identified as a growth industry," said Group Chief Executive of ENOC, Hussain Sultan.
"Horizon Terminals Limited will be independent from ENOC in marketing its terminalling assets and will pursue a growth policy by acquiring existing terminals, studying new opportunities and looking for management contracts of existing terminals," added Sultan.
HTL’s objective is to set up and develop a network of terminals by creating, acquiring or managing bulk liquid storage facilities in the oil, chemical, liquefied petroleum gas (LPG) and vegetable oil sectors.
"We will seek to be quickly recognized as a regional and international terminalling player in the industry’s three prime focus areas of Singapore, ARA (Amsterdam, Rotterdam and Antwerp) and the Middle East. Simultaneously we will move on to niche markets, such as Djibouti, which we are investigating as a gateway to the wider Horn of Africa," said Sultan.
According to Chief Operating Officer of HTL Jerome F Gelineau, the company has already embarked on feasibility studies for projects or expansion in Egypt and Saudi Arabia. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
